Insurance Agent Forum

[Cenla Agent]

What are the best options for tax software to keep up with expenses, etc. throughout the year?

[Mr. Bill]

Quicken - QuickBooks uploads into TurboTax. Easy easy easy....

[salpro22]

Agreed. Quicken is very easy to set up and works great. I haven' used Quickbooks yet though so I cannot vouch for it. It does look promising though .

[padthaiforlunch]

I use QuickBooks on a daily basis and I'm inclined to recommend against unless you are very familiar with bookkeeping concepts. Overall, it is not an intuitive program. Of course there is the dumbed-down cash-in, cash-out version called "Simple Start." In fact, it's so simple even an underwear agent can use it.

I wouldn't worry about importing into turbo tax. Turbo can steer you into an audit if you don't know what you are doing. Get your p&l and hire a tax preparer. If you're schedule c, it shouldn't cost you more than $200. And don't go to block or liberty -- their preparers have 5-9 weeks of training on how to use the software.

[CHUMPS FROM OXFORD]

"Turbo can steer you into an audit if you don't know what you are doing."

Now you're scaring me. I have been using Turbo for quite a while. No audits yet. What should I watch out for?

[padthaiforlunch]

Originally Posted by CHUMPS FROM OXFORD

"Turbo can steer you into an audit if you don't know what you are doing."

Now you're scaring me. I have been using Turbo for quite a while. No audits yet. What should I watch out for?

I have had clients come to me to review the returns they prepared on Turbo. As the went through the program, they would misinterpret some questions and not be conservative enough on others. Meanwhile, the would still miss some deductions they could have taken. It might be ok if you and your wife a w-2 employees, but for the self-employed, unless you really a really saavy and know the latest in tax law, the program will leave you short.

Why you would want to spend $50 on software and then another two hours doing your own taxes is beyond me. Going rate in Denver to have your taxes prepared, including sched A and C, by a qualified preparer with 20 years experience is about $200.

[arnguy]

Although I have never used it personally, I have been told that Quicken is a good program for recordkeeping. If you keep good records and are not personally familiar with the tax laws, the best suggestion is to pay for professional help. If you don't need a CPA, there are good Enrolled Agents (former IRS employees) who charge less than CPAs.

[salpro22]

Originally Posted by arnguy

Although I have never used it personally, I have been told that Quicken is a good program for recordkeeping. If you keep good records and are not personally familiar with the tax laws, the best suggestion is to pay for professional help. If you don't need a CPA, there are good Enrolled Agents (former IRS employees) who charge less than CPAs.

So how does one find one of these former IRS agent who enjoy pushing the law to the limit w/out breaking it? I'm not familiar with Enrolled Agent.